FxWirePro: GBPJPY upside capped by 200-4HMA, good to sell on rallies
Ichimoku Analysis (4 hourly chart)
GBPJPY has once again declined after hitting a high of 134.97. Short term trend is neutral as long as resistance 134.85 (200-H MA) holds. The decline mainly due to slight weakness in Pound sterling as investors await an update on UK PM. GBPUSD lost nearly 100 pips from the temporary top 1.23840.
On the higher side, near-term major resistance is around 134.85-135.07 (200-4H MA and Apr 7th high) and any violation above will take the pair to next level till 136/136.90.
The immediate resistance is around 133.65 and any indicative break below will drag the pair to the next level till 132.90/132.50.
It is good to sell on rallies around 134.55-60 with SL around 135.10 for TP of 132.50.